Which of the following statements is not true in an inflationary period?
- A. the purchasing power diminishes
- B. Wages rise simultaneously with prices
- C. More money runs after a limited quantity of goods
- D. Fixed income earners lose
- E. Aggregate real demand exceeds aggregate real supply
In a sole proprietorship decisions are made by the
- A. government
- B. owner
- C. shareholder's conference
- D. management
- E. board of directors
Which of the following is a public corporation?
- A. Roads (Nigeria) Plc
- B. National Oil and Chemical Marketing Co. Plc
- C. Union Bank of Nigeria Plc
- D. Volkswagen of Nigeria Plc
- E. National Electric Power authority
A tax is said to be good when
- A. it yields more revenue to the state at the expense of the people's ability to pay
- B. the cost of collecting it is equal to the revenue it generates
- C. it is imposed so suddenly that no one can dodge its payment
- D. its payment causes minimum incovenience to the tax payer
- E. it induces workers to prefer more leisure to extra work
The productivity of labour does not depend only o its own effort and efficiency, but also on I the level of technical knowledge II. the quality of other factors III. racial qualities which allow persons from certain races to have good physique and be very active . Which of the above statements is /are correct?
- A. I only
- B. I and II only
- C. I and III only
- D. II and III only
- E. III only
Which of the following is a function of money? It is
- A. portable
- B. A standard of diferred payment
- C. relatively stable in value
- D. generally acceptable
- E. an easily divisible item
Which of the following are direct taxes?
- A. Sale taxes
- B. Excise duties
- C. income and company taxes
- D. Tarrif duties
- E. Commodity taxes
in the event of a limited liability company going into liquidation, each shareholder
- A. may lose a maximum of the amount he has invested
- B. lose nothing
- C. loses everything including his house
- D. may have unlimited liability
- E. will lose the amount he has invested plus a proportion of his bank account
The natural growth rate of a population is the
- A. sum of the birth rate and death rate
- B. sum of the birth rate and the net immigration rate
- C. birth rate minus the death rate
- D. birth rate divided by the net immigration
- E. death rate minus the net immigration
A shift of the demand curve to the right when the supply curve remains constant , implies that
- A. both price and quantity demanded will increase
- B. only price increases
- C. both price and quantity demanded will decrease
- D. the price remains constant
- E. the price falls
Dumping in Economics means the selling of goods in a foreign market
- A. ata a price below that received in the home market
- B. at a price above that received in the home market
- C. at a price equal to the cost price in the home market
- D. in order to encourage indigenious producers
- E. at a price equal to the selling price in the home market
Which of the following is the approximate working agent in Nigeria?
- A. 1 - 15
- B. 15 - 65
- C. 30 - 40
- D. 40 - 65
- E. 65 and above
International trade is necessary mainly because
- A. no country can live in economic isolation
- B. different countries are endowed with the same natural; and man-made resources
- C. some countries have comparative cost advantage in the production of certain commodities
- D. the world demand for and supply od various categories of commodities is expanding very fast
- E. countries wants to build up their foreign exchange reserve
A major function of the middlemen in Nigeria is the distribution of
- A. commodities to all consumers regardless of income
- B. commodities to consuming centres
- C. economic welfare facilities to all
- D. waelth to all
- E. income within the society
Which of the following is not a reason why people migrate from one place to another ?
- A. to find jobs and improve their standard of living
- B. To live in a more suitable climate
- C. For the sake of change and adventure
- D. to escape from a religious. political or social situation in a country
- E. To buy foreign goods for sale in their country
Which of the following is not regarded as money in Economics?
- A. Coins
- B. Currency notes
- C. bank depisits
- D. cheques
- E. Naira and Kobo
A government treasury bill is a form of debt instrument which falls due for repayment after
- A. 3 months
- B. 9 months
- C. 2 years
- D. 5 years
- E. 10 or more years
if an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvement in labour ans capital combined, the balance of 3% is usually attributed to
- A. land and enterprenuer
- B. abundance of natural resources
- C. level of human capital
- D. technical progress and related factors
- E. discipline in political leadership
which of the following item is not included in measuring national income by the income approach?
- A. Wages and salaries of public servants
- B. Student's grants and scholarships
- C. Profits of companies
- D. Income earned by self-employed persons such as lawyers
- E. Rents on property
A movement along the demand curve for some goods may be caused by a change in
- A. consumer income
- B. the price of goods
- C. consumers taste
- D. the price of other goods
- E. population
Which of the following functions do retailers perform in an economy?
- A. Production
- B. Exchange
- C. Hoarding
- D. Distribution
- E. Investment